Venture capital funds put $1 billion to work in 142 Canadian technology deals in the first quarter of 2019, according to a report by the Canadian Venture Capital and Private Equity Association (CVCA). CVCA said Q1 2019 marked the fifth billion-dollar quarter in Canada since 2013 and saw 48 percent more dollars invested than in Q1 2018. The report found seven mega-rounds ($50 million-plus) during January through March, which accounted for 57 percent of the total invested. Information and communication technology companies captured 59 percent of VC invested in Q1 2019, followed by clean technology companies, which took 19 percent. Late-stage companies secured 47 percent, the largest share since 2014.
4 min read · 28 May 2019
Venture capital funds put $1 billion to work in 142 Canadian technology deals in the first quarter of 2019, according to a report by the Canadian Venture Capital and Private Equity Association (CVCA). CVCA said Q1 2019 marked the fifth billion-dollar quarter in Canada since 2013 and saw 48 percent more dollars invested than in Q1 2018. The report found seven mega-rounds ($50 million-plus) during January through March, which accounted for 57 percent of the total invested. Information and communication technology companies captured 59 percent of VC invested in Q1 2019, followed by clean technology companies, which took 19 percent. Late-stage companies secured 47 percent, the largest share since 2014.
4 min read · 28 May 2019
NFI Group Inc (TSX: NFI) has acquired Alexander Dennis Ltd (ADL), a Larbert, Scotland-based maker of bus and coach vehicles, including double-deck buses. NFI, a Winnipeg-based bus maker, paid about $546 million (£320 million). NFI said the deal creates a global bus original equipment manufacturer with market positions in the United Kingdom, Hong Kong and North America and a footprint in other regions. ADL was established in 2004 by a group of Scottish entrepreneurs led by Brian Souter, head of U.K. family office Souter Investments. In a separate release, Souter said it will retain an equity stake in NFI and ADL as part of the transaction.
8 min read · 28 May 2019
Absorb Software has acquired Torch LMS, a Lehi, Utah-based software-as-a-service learning management system provider. No financial terms were disclosed. Absorb, a Calgary-based learning technology company, said the acquisition is the first of several it expects to make in the global market with the backing of Silversmith Capital Partners. Silversmith, a U.S. growth equity firm, led Absorb's $59 million financing in 2017. Founded in 2002 and led by CEO Mike Owens, Absorb is the maker of Absorb LMS, a system for businesses, higher education, government and non-profit agencies, and the newly introduced Absorb Infuse.
3 min read · 28 May 2019
Absorb Software has acquired Torch LMS, a Lehi, Utah-based software-as-a-service learning management system provider. No financial terms were disclosed. Absorb, a Calgary-based learning technology company, said the acquisition is the first of several it expects to make in the global market with the backing of Silversmith Capital Partners. Silversmith, a U.S. growth equity firm, led Absorb's $59 million financing in 2017. Founded in 2002 and led by CEO Mike Owens, Absorb is the maker of Absorb LMS, a system for businesses, higher education, government and non-profit agencies, and the newly introduced Absorb Infuse.
3 min read · 28 May 2019
Alberta Investment Management Corp (AIMCo) has agreed to acquire an 85 percent interest in Northern Courier Pipeline, a 90-kilometre Alberta pipeline system. The seller is Calgary-based energy company TC Energy Corp (TSX, NYSE: TRP), which in a separate release said it expects to realize proceeds of about $1.15 billion. Following the deal's close, expected in Q3 2019, TC Energy will hold a 15 percent stake in the pipeline and remain its operator. Completed in 2017, Northern Courier transports bitumen and diluent between the Fort Hills mine site and Suncor Energy's terminal north of Fort McMurray. AIMCo Senior Vice President Ben Hawkins said the acquisition will add geographic diversity to the Canadian pension system's infrastructure portfolio.
3 min read · 28 May 2019
McRock Capital has increased its stake in Invixium, a Toronto-based maker of biometric solutions and software analytics for access control and workforce digitalization. McRock, a Canadian industrial internet-of-things venture capital firm, invested through the company's Series B financing. As a result, it is Invixium's largest shareholder. The undisclosed round was led by Connecticut Innovations, which Invixium reported this month agreed to invest up to $1 million, and joined by existing investor BDC Capital. Founded in 2012 by CEO Shiraz Kapadia, Invixium recently launched its TITAN line, a biometric device with facial recognition and finger vein or fingerprint authentication.
3 min read · 28 May 2019
OCR Canada Ltd has acquired Multisource Group Corp, a Calgary-based provider of barcode and radio-frequency identification (RFID) data collection solutions. No financial terms were disclosed. OCR Canada is an affiliate of Barcodes Group, a Chicago-based provider of automated products and services, including barcode scanners, mobile computers, label printers, point-of-sale systems, identification cards and RFID equipment. Barcodes said the deal reinforces OCR Canada's presence in Western Canada. Barcodes was acquired in January by U.S. private equity firm Odyssey Investment Partners from Cortec Group.
4 min read · 27 May 2019
U.S. hedge fund JDP Capital Management said it and other minority unit-holders of Teekay Offshore Partners LP (NYSE: TOO) oppose Brookfield Asset Management's proposed acquisition of the midstream services provider. Brookfield's private equity group, which owns 73 percent of the company, this month offered to buy the remaining interest for US$1.05 per unit. In an open letter, JDP said it believes Teekay Offshore is worth at least US$4 per unit today based on a cash flow analysis and peer comparisons. Teekay Offshore is an affiliate of Teekay Corp (NYSE: TK), a Vancouver-based marine energy transportation, storage and production business.
3 min read · 27 May 2019
Canadian mid-market private equity firm Clairvest Group has agreed to merge portfolio company Chilean Gaming Holdings with Sun Dreams SA, a Las Condes, Chile-based operator of casino properties. No financial terms were disclosed. In a separate statement, Sun International Ltd, Sun Dreams' parent organization, said the deal will create one of Latin America's largest gaming groups, owning and operating casino assets in Argentina, Chile, Colombia and Peru. Clairvest, which first backed Chilean Gaming in 2006, will be an investor in the merged business. Last month, Clairvest closed its sixth mid-market fund, raising about $1.1 billion (US$850 million).
2 min read · 27 May 2019
